How easy/difficult is it to get reduced mortgage payments for a month or 2?

Becks045

Just wondered if anyone had any experience of calling their mortgage lender to get reduced payments on their mortgage and whether they are helpful or not?

Just as a one off for a month or two months?

_Andy_

It all depends on the lender. If you give them a call and explain your situation they'll let you know.

opinions4u

Halifax allow up to 6 months of payment holiday (has to be agreed before you miss a payment) but the key question is why do you want to skip a mortgage payment?

It's the same as taking out a loan effectively, and you'll pay interest on it until the end of the term.

It may also be an indication that you have a bigger problem with your personal finances that you need to get on top of.

If you can find ways to reduce your outgoings (walk instead of drive, buy less at the supermarket, skip the night out for a couple of weeks etc) this may be better for you.

If you still think a payment holiday is right for your circumstances, call your lender and see what they can do for you. Some may charge a fee, and this on its own may be a reason not to do it.

Mateus_2

Hi

If you call to the lender and explain they will help you. They must ear you due to FSA principles... If is just 1 or 2 months is not a problem as a repayment plan can be made for those 1 or 2 payments, like repay over 6 months.

Cheers
Goncalo